El Salvador is already the first country in the world to adopt Bitcoin as legal tender, but now the country will be giving every single citizen $30 in Bitcoin which is only going to do wonders for the country... and cryptocurrency in general.
Salvadorans will need to simply sign up for the Chivo e-wallet -- with one big cavaet: you'll need facial recognition to sign up for that e-wallet in order to get your $30 in free Bitcoin. El Salvador will need to buy over $100 million in Bitcoin required to give each adult in El Salvador (there's 6.5 million Salvadorans) their $30 worth of BTC.
President Nayib Bukele explained: "The wallet app will even work anywhere with a cell connection, and you won't have to have a cell plan for the app".
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Binance CEO Changpeng Zhao tweeted about the news, applauding the fact that El Salvador is adding 6 million people to the cryptocurrency ecosystem in one shot.
El Salvador will begin accepting cryptocurrencies, including Bitcoin, as legal tender on September 7 -- just over two months from now. Between now and then, we'll have the free $30 in Bitcoin through an aidrop to Salvadorans -- with the El Salvador government working with major cell phone operators to offer the national Bitcoin wallet optionj.
If you consider over 70% of Salvadorans don't even have a bank account or debit card, but many of them have a smartphone... this is a major shift for El Salvador, and the world. Airdropping free Bitcoin to their citizens, is going to be very appealing to millions of people.